As the title says, how does this work ? Does one simply receive what they put in? For example, if a person has 100k when they retire at 67, does the retirement company choose an estimated year of death and divide the 100k by the number of years? Are there levels, for example if you retire with 100k, you receive this amount a month? Are distributions distributed like social security?
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You choose how much to sell to cash out. The general rule is 4%, so if you want $50k/yr (and adjust for inflation after) then you need $1.25M.
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